Debt

In June 2017, we amended and restated the credit agreement governing our credit facility, which has a maturity date of November 2021, to increase the amount of the revolving credit facility to $335.0 million. We had $195.0 million outstanding on our revolving credit facility as of March 3, 2018 and $45.0 million outstanding as of March 4, 2017. As defined within our facility, we have two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. If the Company is not in compliance with either of these covenants, our credit facility may be terminated and/or any amounts then outstanding may be declared immediately due and payable. At March 3, 2018, we were in compliance with both financial covenants. We have the ability to issue letters of credit of up to $70.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At March 3, 2018, $116.5 million was available under this credit facility.

Debt at March 3, 2018 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043 and $0.5 million of long-term debt in Canada that matures in August 2022. The fair value of the industrial revenue bonds approximated carrying value at March 3, 2018, due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 5.

We also maintain two Canadian revolving credit facilities totaling $12.0 million Canadian dollars. No borrowings were outstanding under the facilities as of March 3, 2018 or March 4, 2017. Borrowings under the facilities are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreements for the demand facilities.

Debt maturities and other selected information follows:



(In thousands)	2019	2020	2021	2022	2023	Thereafter	Total
Maturities	$121	$121	$5,520	$197,120	$1,098	$12,000	$	215,980



(In thousands, except percentages)	2018			2017
Average daily borrowings during the year	$	195,400		$	34,320
Maximum borrowings outstanding during the year	276,100			91,400
Weighted average interest rate during the year	2.61		%	2.22		%



(In thousands)	2018		2017		2016
Interest on debt	$	5,208	$	971	$	544
Other interest expense	300		—		49
Interest expense	$	5,508	$	971	$	593

Interest payments were $5.3 million in fiscal 2018, $0.8 million in fiscal 2017 and $0.5 million in fiscal 2016.